全球邮轮业强劲复苏，三巨头集体驶入盈利快车道

Group 1: Company Performance - Royal Caribbean Group reported a strong Q2 2025 performance with a passenger load factor of 110%, total revenue of $4.5 billion, and a net profit of $1.2 billion, leading to an upward revision of the full-year earnings forecast to between $15.41 and $15.55 per share [1][2] - Carnival Corporation also showed impressive results with Q2 revenue reaching $6.3 billion and a net profit of $565 million, marking a significant increase compared to previous years [2][3] - Norwegian Cruise Line Holdings reported Q2 earnings per share of $0.51 and revenue of $2.52 billion, although slightly below expectations, the stock surged by 11.79% in pre-market trading, indicating strong investor confidence [2][3] Group 2: Industry Trends - The global cruise industry is experiencing a "V-shaped recovery," with major players reporting revenues exceeding pre-pandemic levels, indicating a return to positive growth [2][3] - The International Cruise Association forecasts that global cruise passengers will exceed 34.13 million in 2024 and reach 37.7 million in 2025, with further growth expected to 40 million by 2027 [3] - The U.S. cruise market is projected to surpass $17 billion by 2028, while the Asia-Pacific region is expected to grow at an annual rate of 19.6%, becoming a key driver for global cruise industry growth [3][4] Group 3: Market Dynamics - The summer cruise season is booming, with global passenger numbers expected to exceed 37.1 million and market size reaching $44.39 billion, particularly driven by a 45% annual growth rate in China [4][5] - Domestic cruise activities in China are thriving, with the Tianjin International Cruise Home Port expecting to host nearly 50 cruise ships and over 100,000 passengers during the summer [5][6] - Cruise companies are innovating their offerings to attract families and children, enhancing onboard and onshore experiences to meet consumer demand for quality and personalization [6]